Thanks to technology, demand, and investment, the information technology industry is growing at an exponential rate. There were a few prevalent technology trends that dominated the tech industry, the cyber security industry, the cloud, big data, and, of course, the Internet of Things in 2017.
Many of these trends remain popular in 2017, and there are many exciting iterations and innovations that have been forecasted for this year. Let's look at the four most significant predictions:
1. Investments in the Internet of Things will continue to increase
In recent years, there have been a rapid increase in IOT systems being used to move business intelligence forward. There have been up to a 20 percent increase in the number of devices connected to the Internet of Things, and that rate of growth is expect to increase. By 2020, there will be twice as many devices connected to the Internet of Things.
At the moment, the major investments in the IOT have come from the telecoms and IT industry, industries that will obviously benefit from improved capabilities for applications and an increase in data generated for mobile devices. In 2017, experts are predicting that there will be an increase in investors from other industries. The retail industry, for example, will be aiming to tap into sensor data from wearable mobile devices in hopes of providing better targeted products and services to their consumer base.
As an increasing number of businesses turn towards IOT tech in hopes of getting more insight about their customers, there will also be an increase in the demand for analysts who are capable of converting all that data into viable business intelligence. For instance, there is a shortage of data scientists in the U.K., with the total number of openings increasing by over a thousand percent in the past couple of years. This makes data science one of the most in-demand and fastest growing professions in the U.K.
2. Big data requires a significant investment in skills and infrastructure
The concept of big data is constantly changing as the capacity to mine unstructured, semi-structured, and structured data continues to improve. In recent years, organizations have been making more intelligent business decisions as they have more interactions with their customers. For instance, the more advanced 'recommendation engines' do a better job of figuring out what a person is trying to search for. Services like Amazon and Netflix are already utilizing this technology. Another example would be the case of credit reference agencies using big data to create algorithms used to generate credit ratings. Industries like the budget planning, logistics, and retail industries have all made significant advancements thanks to better business intelligence.
In 2017, the amount of money spent on big data related software is expected to exceed $80 billion. The IOT will eventually become the next main focus for analytics and data. Experts are predicting a 30 percent increase CAGR within the next several years. The increasing amount of data being made available to modern firms will require additional infrastructure and analysts to process the information. Rich media analytics is expected to be a primary driver behind many big data developments.
The growing demand for more efficient data and analysis will also require organizations to compete for those who can convert the data generated into business intelligence.
3. More firms will move to the cloud
Cloud computing continues to be one of the prevailing trends in the IT industry. A large number of firms are already using the cloud for some or all of their daily operations. There are a few reasons behind the current cloud revolution including IT innovation, IT agility, and employee collaboration. The big data generated by the IOT is also a major driver of the move to cloud computing. This trend will continue for the near future as cloud computing becomes the new home of business IT infrastructure. New technologies like Network Functions Virtualization (NFV) and Software-Defined Networking (SDN) will add even more capabilities to current cloud systems.
4. Cyber security sector needs more skilled professionals
There have been some major leaks involving some of the biggest IT players like Google, Sony, and Apple in the past couple of years. Most of the leaks have been attributed to a lack of skilled cyber security professionals, third party providers, limited network diversity, and misconfiguration issues.
The lack of skilled talent is the biggest reason behind most of the major breaches that have taken place in recent years. It's had a significant effect on the economy and many businesses. Those with cyber security skills are highly demanded globally, but due to a lack of a clear definition of career paths, many firms are having a tough time recruiting new talent. Talent is now being acquired from the gaming industry to make up for the shortage.
In 2017, the information technology sector now has an opportunity to repackage itself to attract new investors and talent alike. A globally accepted framework that clearly defines the cyber security professional for those interested in the IT industry is also needed.
As a new year approaches, many more opportunities are opening up in the IT industry. The industry is growing rapidly thanks to increasing investments, demand, and technology. However, the obvious barriers in the industry need to be addressed. The lack of skilled cyber security professionals must be addressed on a social, organizational, and cultural level.